"The GAO, the investigative arm of Congress, began its review after thousands of complaints from Americans who felt they were duped by what the GAO, the Federal Trade Commission and various state attorneys general call “foreclosure rescue schemes.”
The most common rescue schemes are perpetrated by so-called loan modification companies that require hundreds, if not thousands, of dollars in upfront fees. In Missouri, Kansas and many other states, that’s illegal, according to attorney general offices in Topeka and Jefferson City.
In exchange for the fees, the companies promise to serve as intermediaries between desperate homeowners and their mortgage companies.
If you’re behind on your mortgage or you can’t make the payments because of job losses or cutbacks in your wages, the best approach is to try working something out with your lender on your own.
Government and nonprofit agencies can help for free. The federal government last year issued specific guidelines that force lenders to ease the financial burden on people going through tough times.
Of course, not everyone knows where to go for help. (Go to www.ftc.gov or call 1-888-995-HOPE for a start.) Scammers count on that and have been taking advantage of folks in danger of losing their homes."
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NOTE: Please check with a lawyer if you have not received default notice. OFTEN starting a modification will TRIGGER a faster foreclosure process. Get your ducks in a row first if possible. Make sure to have any modification offer looked over by a lawyer that "GETS IT" about mortgage fraud. You do not want to sign away your rights. Not all lawyers are equal you need one that is specialist in the field of mortgage fraud. In Phoenix we have several that "get it".